N.D. Cent. Code § 6-03-42
This is the official text of N.D. Cent. Code § 6-03-42, part of North Dakota’s Cent. Code — part of the compiled statutory law of North Dakota, published by the state as "Cent. Code." Browse the sections below, each linked to its official government source.
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6-03-42. Capital notes or debentures included in capital - Retirement
Official statutory text
6-03-42. Capital notes or debentures included in capital - Retirement
The term "capital" as used in this title embraces the amount of outstanding capital notes and
debentures legally issued by any banking institution. The capital stock of a banking institution is
unimpaired when the amount of such capital notes and debentures as represented by sound
assets exceeds the impairment as found by the commissioner. The commissioner must approve
of any retirement of any capital notes or debentures and may require the bank to issue some
other form of capital before retiring the capital notes or debentures.
The term "capital" as used in this title embraces the amount of outstanding capital notes and
debentures legally issued by any banking institution. The capital stock of a banking institution is
unimpaired when the amount of such capital notes and debentures as represented by sound
assets exceeds the impairment as found by the commissioner. The commissioner must approve
of any retirement of any capital notes or debentures and may require the bank to issue some
other form of capital before retiring the capital notes or debentures.
Status: in_force · Read it on the official government site
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